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Material Handling Equipment Market Projected to Reach US$ 408.13 Billion by 2033 with Dominance by the E-commerce Sector: Persistence Market Research

North America leads global material handling equipment market, with over 35% annual revenue share, manufacturing, and exports

New York, Oct. 26, 2023 (GLOBE NEWSWIRE) — In the latest report from Persistence Market Research, the Material Handling Equipment Market was valued at approximately US$ 227.9 Billion in 2022, with an expected 6% annual growth, projecting a total of US$ 408.13 Billion by 2033

The market is poised for growth due to rapid industrialization and the increasing demand for automated material handling equipment. The initial impact of the COVID-19 pandemic was detrimental to the warehousing industry, leading to a significant drop in revenue and profit margins for major market players. The sudden closure of manufacturing facilities disrupted daily production rates, resulting in decreased sales for these companies.

Material handling systems are now being tailored to meet changing customer demands, particularly in logistics settings where heavy labor is needed for tasks like loading, unloading, and cargo transportation. The surge in online sales, driven by the growing popularity of online shopping, is prompting retailers to expand their warehouse capacities. This, in turn, is creating a strong demand for equipment such as order picker forklifts to ensure efficient operations and fast deliveries.

Growing economies like India and China are attracting foreign investments, which are driving infrastructure and industrial development. Additionally, investments in public infrastructure, including rail networks, airports, seaports, and power plants, are expected to foster market growth.

China’s One Belt One Road (OBOR) program, also known as the Belt and Road Initiative (BRI), holds promising prospects for the building materials management industry. This initiative aims to establish a network of railways and roads connecting China to Europe through the Middle East, opening up growth opportunities. Similar programs in the cargo handling industry are expected to flourish in the coming years.

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Market Snapshot:

Report Coverage Details
Market Revenue 2022 US$ 227.9 Billion
Estimated Revenue 2023 US$ 408.13 Billion
Growth Rate – CAGR 6%  
Forecast Period 2022-2032
No. of Pages 333 Pages
Market Segmentation By Product Type, By Application, By Region
Regions Covered North America, Latin America, Europe, Asia Pacific, Middle East & Africa
Companies Covered BEUMER Group, Daifuku Co., Ltd., Honeywell International, Inc., KION Group AG, Mecalux, S.A., Murata Manufacturing Co., Ltd., SSI SCHAEFER, Swisslog Holding AG, TOYOTA Industries Corporation, Vanderlande Industries B.V.

Material Handling Equipment Market Drivers

The Material Handling Equipment (MHE) market is influenced by a variety of drivers that impact its growth and development in-depth. These drivers are crucial for understanding the dynamics of the MHE industry. Here is an in-depth exploration of some key drivers:

Rapid Industrialization: As industries expand and evolve, the need for efficient material handling becomes paramount. Rapid industrialization, especially in emerging economies, spurs the demand for MHE as manufacturing, warehousing, and logistics activities intensify.

Automation and Industry 4.0: The fourth industrial revolution, often referred to as Industry 4.0, emphasizes automation and the use of advanced technologies like IoT, AI, and robotics. This necessitates sophisticated MHE for automated material movement and data-driven decision-making.

E-commerce Growth: The continued surge in e-commerce activities drives the demand for MHE. Warehouses and distribution centers require advanced equipment to manage increased order volumes efficiently. This includes technologies like conveyor systems, automated guided vehicles (AGVs), and sortation systems.

COVID-19 Pandemic Impact: The COVID-19 pandemic highlighted the importance of resilient and agile supply chains. Companies are now investing in MHE to cope with supply chain disruptions, ensuring they can adapt to sudden changes in demand and maintain business continuity.

Customization and Flexibility: Customer requirements are becoming increasingly diverse. MHE providers are focusing on creating customizable solutions to meet specific operational needs, whether it’s for food processing, pharmaceuticals, or automotive manufacturing.

Global Supply Chain Expansion: As businesses expand their global footprint, the need for efficient transportation and handling of materials across borders increases. This drives the demand for MHE at ports, airports, and distribution hubs.

Belt and Road Initiative (BRI): Initiatives like China’s BRI, which involves extensive infrastructure development across multiple countries, create opportunities for the MHE market. The need for handling and transporting materials efficiently in large-scale projects boosts demand for specialized equipment.

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Key Questions Answered in the Report:

1. What Is the Growth Outlook for the Material Handling Equipment Market?

The global material handling equipment market is projected to achieve a 6% compound annual growth rate from 2022 to 2032, reaching USD 408.13 billion by 2032.

2. What Factors Are Boosting Sales of These Products in North America?

The demand for material handling equipment in North America accounts for over 35% of total revenue, driven by economic stability and innovative technology adoption.

3. Which Segment Is Set to Lead the Market in the Forecasted Period?

Cranes and lifting equipment are expected to be the dominant segment in the market during the forecasted period.

4. Which Industry Dominates the Material Handling Equipment Market?

E-commerce holds the largest market share in the Material Handling Equipment sector.

5. Who Are the Major Suppliers of Material Handling Equipment?

Key players in the material handling equipment industry include BEUMER Group, Daifuku Co., Ltd., Honeywell International, Inc., KION Group AG, Mecalux, S.A., Murata Manufacturing Co., Ltd., SSI SCHAEFER, Swisslog Holding AG, TOYOTA Industries Corporation, and Vanderlande Industries B.V.

Insights by Country:

How Will the United States Influence the Growth of the Material Handling Equipment Market?

According to the analysis, North America is a dominant force in manufacturing, sales, and global exports of material handling equipment. The region’s overall share, as indicated in PMR’s global material handling equipment market analysis report, accounts for over 35% of annual revenue.

The United States stands out as the largest market when compared to other nations, primarily due to its advanced technology, infrastructure, and the presence of major players in the material handling equipment industry. The increasing adoption of process automation, including robot-guided warehouse equipment, is expected to further drive the development and sales of material handling equipment in the U.S. market.

Additionally, the United States’ extensive use of the internet in recent years has contributed to the growth of the online retail sector, indirectly benefiting the country’s material handling equipment market. For instance, as of January 2020, Amazon.com, Inc. employed approximately 200,000 robots in its American facilities.

Market Challenges:

The Material Handling Equipment Market faces several challenges, including:

Technological Advancements: Keeping up with rapidly evolving technologies is a significant challenge. Implementing and integrating advanced automation, IoT, and AI-driven solutions require significant investment and adaptation.

High Initial Costs: Material handling equipment can be expensive to purchase, install, and maintain. This can deter smaller businesses from investing in these technologies.

Safety and Regulations: Ensuring the safety of both the equipment operators and the goods being handled is critical. Meeting stringent safety regulations can be challenging, and non-compliance can lead to fines and accidents.

Skilled Workforce: Operating and maintaining modern material handling equipment often requires a skilled workforce. Finding and retaining qualified personnel can be a challenge.

Space Constraints: Many facilities face limitations in terms of available space. Finding ways to optimize storage and handling in tight spaces is a persistent challenge.

Supply Chain Disruptions: Global supply chain disruptions, such as the COVID-19 pandemic, have highlighted vulnerabilities in the supply chain, affecting the timely delivery of equipment and spare parts.

E-commerce Growth: The booming e-commerce sector is creating high demand for efficient material handling equipment. Meeting this demand while addressing scalability and flexibility challenges can be difficult.

Sustainability and Energy Efficiency: Meeting sustainability goals and improving energy efficiency is a growing concern. Developing and implementing environmentally friendly equipment is a challenge.

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Material Handling Equipment Market Mergers and Acquisitions:

The Material Handling Equipment Market has witnessed numerous mergers and acquisitions (M&A) in recent years, reflecting the industry’s dynamic nature and the strategic initiatives of key players. Some notable M&A activities in the Material Handling Equipment Market include:

Toyota Industries Corporation Acquires Bastian Solutions (2017): Toyota Industries, a global leader in material handling equipment, acquired Bastian Solutions, a leading systems integrator and consulting firm specializing in material handling systems. This acquisition aimed to strengthen Toyota’s automation and systems capabilities.

Daifuku Co., Ltd. Acquires BCS Group (2019): Japanese material handling giant Daifuku acquired BCS Group, a New Zealand-based provider of airport baggage handling systems and parcel handling solutions. This acquisition expanded Daifuku’s global presence and offered expertise in airport automation.

KION Group AG Acquires Dematic (2016): KION, a significant player in the material handling equipment industry, acquired Dematic, a provider of intelligent supply chain and automation solutions. This strategic move aimed to create a global leader in intralogistics and automation.

Honeywell International, Inc. Acquires Intelligrated (2016): Honeywell, a diversified technology and manufacturing company, acquired Intelligrated, a provider of automated material handling solutions. This acquisition enabled Honeywell to expand its portfolio of warehouse automation technologies.

About Persistence Market Research:

Business intelligence is the foundation of every business model employed by Persistence Market Research. Multi-dimensional sources are being put to work, which include big data, customer experience analytics, and real-time data collection. Thus, working on “micros” by Persistence Market Research helps companies overcome their “macro” business challenges.

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Originally published at https://www.einpresswire.com/article/664339187/material-handling-equipment-market-projected-to-reach-us-408-13-billion-by-2033-with-dominance-by-the-e-commerce-sector-persistence-market-research

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